Advertising Coloqquim : Stakeholders Chart Pathways to Marketing Communications Industry growth

By Clifford Amuzuo

“The Future of Advertising : The Roles of Platforms, People and Regulations” was at the central theme of conversations as stakeholders in Nigeria’s Advertising and Marketing Communications industry converged to observe forth edition of the annual Advertising Industry Colloquium, organized by the Advertising Regulatory Council of Nigeria (ARCON).
The event, code named, AIC 4.0 was held at D Podium Event Center on Aromire Avenue , Ikeja, Lagos brought in together convergence one of the largest gathering of thought leaders, advertising professionals and stakeholders across Nigeria’s Marketing Communications ecosystem. The objective was to examine , analyze , redefine the current state of practice and to ultimately proffer way forward in the continuously changing phase of professional advertising practice. The Coloqquim targeted also at bridging the perceived existing gap between the Town and the Gown , hence the event also drew in attendance students and scholars from Advertising and Communications departments of tertiary institutions across the country .
Welcoming participants to the Coloqquim , the Director General , ARCON, Dr Olalekan Fadolapo noted that the annual Advertising Industry Colloquium which kick started in 2022 had so far endured, now serving as an important platform for bringing together thought leaders , regulators, practitioners, the academia and emerging professionals to continually review and exchange ideas around the future of advertising and Marketing Communications in Nigeria.
The future of advertising the Council boss noted, could not be shaped by the interest of any single stakeholder alone, but rather it required collaborations that ultimately inspires innovation, stakeholders who drive the creative and ethical practice, and a regulatory framework that promotes trust, protect consumers and support sustainable industry growth.
According to him , through constructive dialogue and collaborations, “ We could build an advertising ecosystem that is resilient, globally competitive and responsive to the changing needs of society”.
Chairman of the event, the Minister of Information and National Orientation, Mohammed Idris who was represented by the Director General, Voice of Nigeria (VON), Malam Jibrin Baba Ndace, commended ARCON under the leadership initiatives of Dr Olalekan Fadolapo, for highly inspiring modernization and regulatory reforms as well as a healthy engagement with stakeholders in advertising and Marketing Communications ecosystem across Nigeria.
The Minister while conveying the Federal government’s commendations to ARCON ‘s leadership, noted that around the world, technological innovations, especially Artificial Intelligence , digital platforms, big data and Immersive technologies was reducing how brands communicate, how consumers interact with content and how society receives information, pointing out that, for Nigeria, this presents enormous opportunity as well as significant responsibility.
The Minister discussed that the Federal Government, under the visionary leadership of President Bola Ahmed Tinubu ‘s administration was implementing bold reforms with a view towards building a competitive digital economy that is capable of creating jobs, attract investments, and ultimately positioning Nigeria as Africa’s innovation hub.
“ I commend the management of ARCON for sustaining this important platform for intellectual engagement, Policy dialogue and industry collaborations “
“Advertising has evolved far beyond selling products. It now influences culture, shapes Public perception, drives economic activities, promotes national identity, and supports democratic participation”.
“Today, Nigeria boasts one of Africa’s largest digital ecosystems with over 170 million active telecommunications subscribers and internet penetration that continues to expand through sustained investments in broadband infrastructure. These developments have created unprecedented opportunities for advertising content creators, digital entrepreneurs and creative professionals “.the Minister stated.
Olu Akanmu, keynote Speaker at the event and Academic Director of Tech-Leap, Lagos Business School, recommended that regulatory agencies should commence a process of thinking in the direction of Co-regulation, involving government, Industry , Platform Owners , Civil Society, the Academia, Consumer organizations, Tech companies and relevant global organizations.
According to him, advertising has entered a new constitutional order in which power has shifted from the ownership of media channels to ownership of platforms, data, algorithms and digital infrastructures.
“ The central question is no longer who creates the most compelling advancement, but rather, who governs the ecosystem through which advertisements are created, distributed, amplified and monetized “.
He added : “For Nigeria, this moment presents both risks and opportunities. We must not become passive consumers of global advertising technologies, rather we must be active architects of an advertising future that reflects our economic aspirations, cultural identity and regulatory sovereignty “.
The event witnessed a competitive advertising pitch amongst advertising and Marketing Communications students from five Nigerian tertiary institutions namely : Rivers State University, Kaduna State University, Kwara State University, Lagos State University and University of Lagos. Kwara State University was adjudged best creative performance in the competition , chatting away the top prize of One Million Naira.